IBI Solution for market insight – Interactions, behavior, interests

IBI solution for market insight

Market Insight

All organisations make work of marketing in one way or another and aim for better market insight. Many developments take place, but the old concepts are still relevant. The 5 P’s are still as important today as they were in the past. To be able to be relevant to customers and prospects, they need to be addressed and informed based on relevance. To add real value, it has to be personal based on relevant interests and not on statistics such as CTR success that show a marketing department is doing its work well. Also, without the right products and services you might as well give up on knowledge of your customer.

IBI Solution

To support marketing departments to be more relevant to generate business Kentivo offers the IBI solution to track Interaction, Behavior and Interest analyzer. The solution enables marketing departments to go beyond collecting statistics and information and move towards insights. The solution focus’ on 4 areas to support marketing & communication.

  1. Determine topics of interest to advice them with relevant propositions in stead of knowing the newsletter was opened.
  2. Determine behavior of people in buying to help them along in the best possible way
  3. Determine interaction history and preferences so prospects feel you it is effortless to do business with your organisation.
  4.  Analyze your prospects and customers to design tailored campaigns and improve your sales process.

The solution makes use of predictive analytics and machine learning technologies to create the insight based on data that is available. As data input different types of information are used such as event agenda’s, mailings, call center data etc.

One of the most challenging part of effective marketing and communication is  content. This has two sides, making sure all the relevant content is available on what you can offer and knowing the relevant interest of your prospects and customers. It is all good to have the hyped 360 degree view of your customer, if you can not match relevant interest of customers with products and services you offer it is a wasted effort. The organisation gets frustrated marketing and communication does not generate leads and the prospects get irritated you are not supporting him with relevant input.

The Interest Analyzer helps with identifying and updating interests from prospects. This is done by leveraging Natural Language Processing and Machine Learning technologies. The input can be varied from newsletter clicks, call reports from account managers to agenda’s in conferences and events. The analyzer will help identify interest from prospects which enables marketing and communication to be more relevant. When the information is also fed into the sales process’ the account managers can also better support the prospects and customers in the buying process.

Everybody is different. Some people buy more on impulse, while others like to investigate in depth more. There are people highly susceptible to peer-pressure and others who are susceptible to price. One thing is sure, ignoring behavior can be costly. A prospect highly susceptible to features and looking for a best solution will not appreciate you bundle offers to make him pay more for things she does not need!

To be relevant, the behavior predictor uses statistically models to infer buying behaviors from the available data. The models are regularly updated as a buying process can depend strongly on the situation such as the products involved, the context and the time/date. These models advises you on how to best interact and support the prospect and customer in the buying process.

The Interaction Manager track of all communication channels used in your organisation. This can be interactions from mail campaigns, face-2-face meetings from the CRM system or call-center logs. This provides the organisation with an interaction view and history based on available information including the audit trail. Based on interaction information, interaction preferences are inferred in case customers have not informed an organisation on explicit preferences.

As an example, one organisation uses this to be able to have an audit trail on the communication. Their internal process’ require them inform committees on changes in the legislation. The interaction manager enables them to keep track when they send information but also to identify if people opened email or were informed in another way on a specific topic. (For example people appearing on an information meeting during the period that had the topic on the agenda). The resulting audit trail of interactions enable them to generate a report demonstrating they are compliant.

Communicating with prospects & customers is not only about the interactions but also about how they do not want to be contacted. The advanced opt-in/opt-out management features keeps track of the opt-in/opt-outs and when they happened. All actions and changes are logged to create a complete audit trail per contact. Hence an organisation can be compliant, but by capturing it in the interaction manager, it can also be analyzed as to what might have caused specific opt-outs. This helps to improve marketing and communication actions in the future.

The key to information is to be able to make use of them to generate value. With a rich insight in your market, it is possible to explore and analyze in detail how best to approach the market.

The Insight Analyzer provides standard reports in combination with Slice & Dice option to explore your customer and prospect base. An example is to determine which prospects might be interested in a new services you intend to launch. If there are enough you might give them a special offer with the option to beta test the service.

Based on your analyses, you can export the information. An example can be the customer segment you created  that you want to use in the campaign management system. You want to enrich your CRM system with information generated by the Interest Analyzer. Key is that after exploring the data you can work with it and make it available in your other systems. This can be either through exports, batch processes or by implementing connectors.

Overview

The solution consists of 4 core modules. Depending on the need, not all modules need to be active. Also per module, the solution is highly customizable during implementation and operation. This is needed as organizations might start with specific needs that only later need to be extended. For example when the organisation only is interested in the audit trail of its  communication, a slimmed down version is sufficient. At a later stage more communication channels might be required or interest analytics might be required.

Architecture

IBI-Solution - v1Technology

For solution is a hosted solution running on Microsoft Azure in the German Data Center. For storage Microsoft SQL is used. The user interfaces are all web based.

The predictive models and machine learning is implemented using Python using components such as TensorFlow and Theano.